NEW YORK, NY / ACCESSWIRE / May 15, 2020 / Pomerantz LLP is investigating claims on behalf of investors of SCWorx Corporation ("SCWorx" or the "Company") (NASDAQ:WORX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether SCWorx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 13, 2020, SCWorx announced that it had received a committed purchase order of two million COVID-19 rapid testing kits, "with provision for additional weekly orders of 2 million units for 23 weeks, valued at $35M per week." On this news, SCWorx's stock price increased by $9.77, closing at $12.02 per share on April 13, 2020. Then, on April 17, 2020, Hindenburg Research published a report questioning the validity of SCWorx's purported deal, which it characterized as "completely bogus." Among other issues, the Hindenburg Research report focused on the background of SCWorx's Chief Executive Officer Marc Schessel, questioned the credibility of the Company's supplier Promedical, and highlighted the relatively small size of the Company's client Rethink My Healthcare. On this news, SCWorx's stock price fell sharply over the following trading sessions. On April 22, 2020, the U.S. Securities and Exchange Commission halted trading of SCWorx's stock.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP